Bond Growth

$1,000,000 invested on January 1, 2009, earning rates of return equal to the average of pure bond accounts at Byrne Asset Management would by September 30, 2018 have grown to $1,369,246. The indicated compounded annual rate of return for this period was 3.28%.*

$1,000,000 invested in the Vanguard Short Term Bond Index Fund, the least-cost index fund most similarly structured, over the same period would have grown to $1,189,026. The indicated compounded annual rate of return was 1.79%.*

$1,000,000 earning the average return of all funds classified by Morningstar as “short-term bond funds” over the same period would have grown to $1,277,321. The indicated compounded annual rate of return was 2.54%.*

* Past performance is not necessarily indicative of future performance. Results for individual clients may vary. Results are not audited. Byrne Asset numbers include all actively managed equity accounts and reflect the reinvestment of dividends and deduction of all fees.